Business
POET Technologies Reports Fourth Quarter 2022 Financial Results
TORONTO, March 31, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of
About this update from Poet Technologies Inc.
[{"type":"text","content":"TORONTO, March 31, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™, Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, today reported its audited consolidated financial results for the fourth quarter ended December 31, 2022. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR. All financial figures are in United States dollars (“USD”) unless otherwise indicated. Fourth Quarter and Recent Business Highlights The Company achieved the following during the three months ended December 31, 2022 and more recently: Successfully completed a non-brokered private placement of an aggregate 1,126,635 units of the Corporation at a price of C$3.81 (US$2.78) per unit for aggregate gross proceeds of C$4,292,479 (US$3,184,332).Released to production four optical engine products, further advancing the Company’s commercialization goals. The products included transmit and receive optical engines for 100G CWDM4 as well as receive optical engines for 200G FR4 and 400G FR4.Developed multi-engine 100G CWDM4 and 100G LR4 chip-on-board solutions for its lead customer, ADVA Optical Networking SE. ADVA will use POET’s multi-engine transmit and receive chips in an innovative pluggable solution that packs the functionality of four independent 100Gbit/s interfaces into a single QSFP-DD housing that is scalable to high volume as well as higher data rates.Began sampling 400G FR4 and 800G 2xFR4 receive optical engines in partnership with Luxshare Technology Co., Ltd., a global technology provider for data-communication facilities and enterprise-level products, to enable the sale of power-efficient and cost-optimized 400G and 800G transceiver solutions.Amended the terms of 1,764,720 common share purchase warrants with an expiry date of February 11, 2023 and an exercise price of C$11.50 to expire on May 11, 2023 at an exercise price of C$4.25. The Company had received US$5,475,102 from the exercise of 1,758,716 of these warrants by March 10, 2023.Demonstrated 800G optical engines and light source products at the 2023 OFC Conference and Exhibition, where the Company also hosted numerous meetings with potential custom...